Trump Dumps Millions in Ethereum After Disastrous NFT Redux



Donald Trump is dumping his bags. 

Weeks after attempting—with little success—to breathe life into his NFT trading card business for a third time, the former president appears to be divesting his considerable crypto holdings. 

According to an analysis by blockchain intelligence firm Arkham, Trump began sending ETH he had accumulated as NFT royalties to Coinbase earlier this month. In the last three weeks, he’s sold off 1,075 ETH, for a total haul of $2.4 million. 

Arkham says that still leaves Trump with $2.2 million in various cryptocurrencies—$1.4 million worth of ETH, $649,000 worth of WETH, $167,000 worth of MAGA coin, $340 worth of Pepecoin, and $145 worth of JESUS, among other holdings. 

Trump’s first NFT collection seemed poised for success. Values appreciated substantially in value after debuting last December. His second, launched in April, hovered just below its original minting price of $99. By the launch of a third NFT collection, though—a special “Mugshot Edition” of 100,000 that featured pieces of the suit Trump wore while being booked in Georgia during an arrest earlier this fall—it seemed a Trump NFT fatigue had set in. 

At writing, less than half of the collection has been minted. Further, floor prices on Trump’s first two NFT collections began plummeting upon the announcement of the “Mugshot Edition” earlier this month.  

Some Twitter users scolded the former “Apprentice” host for not remaining dedicated to Ethereum and hodling into the new year. 

Others joked that Trump may not be divesting from crypto but rather pivoting from Ethereum to rival network Solana. 

Trump has not publicly commented on the reasoning behind his recent spate of crypto sell-offs. He recently claimed at a campaign rally, though, that he owes over $100 million in legal fees, given his current entanglement as a defendant in four separate, ongoing criminal prosecutions.

Edited by Ryan Ozawa.

Stay on top of crypto news, get daily updates in your inbox.





Source link

You might also like
error

Enjoy this blog? Please spread the word :)